The price cut was announced by Sony Japan president Hiroshi Kawano during a Vita-specific conference.

However, the price cut will be exclusive to Japan, with a Sony representative telling Digital Spy that there are no plans to reduce the price in Europe.

"The price cut announced today is for the SCE Japan region only. We have nothing to announce at this time regarding pricing within the our own region," said the spokesperson.

During the same conference, Sony also announced a Phantasy Star Online 2 Vita bundle, as well as a March 7 Japanese release date for Soul Sacrifice.

The price cut comes after Sony's Masaru Kato told investors that that the handheld needed more attractive software and better promotion, before revealing that the firm is looking at marketing and pricing.

Upcoming games include Media Molecule's Tearaway and Killzone: Mercenary.